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Ferrellgas (FGP) 3Q Revenue Lags Estimates As Propane Sales Drop 11 Pct

 June 08, 2012 07:23 AM
 


(By Balachander) Ferrellgas Partners L.P. (NYSE:FGP) reported a weaker-than-forecast quarterly revenue as warm temperatures had a negative impact on retail propane sales.

The Overland Park, Kansas-based propane distributor earned $21.1 million or 26 cents per unit for the third quarter. In the year-ago quarter, FGP earned $3.4 million or 4 cents per unit, including a loss on extinguishment of debt of 14 cents a unit.

Revenue declined 14 percent to $629.6 million. Total propane gallons sales fell 10.5 percent.

Analysts, on average, expected earnings of 19 cents per unit on revenue drop of 6.1 percent to $688.0 million.

[Related -Ferrellgas Partners (FGP) Buys IGS Propane From Connecticut's Industrial Gas & Supply]

Looking forward, Ferrellgas forecasts improved fourth quarter results amid continued progress of its cost-reduction plan and the recent fall in wholesale propane costs. Propane costs are 53 percent below last year levels, FGP noted.

Ferrellgas conducts its portable tank exchange operations under the brand name Blue Rhino, which, the company said, posted strong same-store sales gains with large retailers and across all trades.

The stock, which has been trading between $13.35 and $23.25 over the past year, closed Thursday's regular trading at $16.13.

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